MC ATC AVC MR D 4 8. 10 12 Quantily (units per day) The figure above represents a monopoly. This monopolist earns an economic profit of $ per day. 8.00 24.00 32.00 16.00 4. 으 Price and costs (dollars per unit

MC ATC AVC MR D 4 8. 10 12 Quantily (units per day) The figure above represents a monopoly. This monopolist earns an economic profit of $ per day. 8.00 24.00 32.00 16.00 4. 으 Price and costs (dollars per unit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

MC
ATC
AVC
8.
MR
4
10
12
Quantity (units per day)
The figure above represents a monopoly. This monopolist earns an economic profit
of $ per day.
8.00
24.00
32.00
O 16.00
Price and costs (dollars per unit)
2.

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Cost & Figure 15 Revenue $10 per unit MC $9 $8 АТС $7 $6 $5 $4 $3 $2 $1 MR 2 3 4 7 8 10 Quantity (in thousands) Refer to the above Figure 15 which shows cost curves, a marginal revenue (MR) curve and a demand curve faced by a monopolist. If this monopolist is profit maximizing and does not price discriminate, it will produce ( Select ] v units of output and charge a price of [ Select ] per unit. Given its cost curves, we can tell that this monopolist is currently earning [ Select ] economic profit. According to the classical welfare economics, the socially efficient quantity to be produced in this market would be [ Select ] units of output and a socially efficient price would be [Select ] per unit.
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QUESTION 17 45- 40- 35 30- 25 Price 20- 15 10+ 5 MR MC-ATC $500 O $250 O $0 Demand 50 100 150 200 250 300 350 400 450 500 550 600 ++ Quantity The figure above depicts a monopoly. If the monopolist perfectly price discriminates, then consumer surplus amounts to $1000